FORD POSTS FULL YEAR PROFIT FOR 2009; FOURTH QUARTER 2009 NET INCOME OF $868 MILLION; PLANS TO BE PROFITABLE IN 2010+
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- Full year net income of $2.7 billion, or 86 cents per share, a $17.5 billion improvement from a year ago. Pre-tax operating profits of $454 million, a $7.3 billion improvement from a year ago++
- Fourth quarter net income of $868 million, or 25 cents per share, a $6.8 billion improvement from a year ago. Pre-tax operating profits of $1.8 billion, a $5.5 billion improvement from a year ago++
- Ford North America fourth quarter pre-tax operating profits of $707 million, a $2.6 billion improvement from a year ago++
- Reduced Automotive structural costs by $500 million compared with the fourth quarter 2008, bringing the total 2009 reduction to $5.1 billion, exceeding the target of about $4 billion
- Strong products drove full year market share gains in North America, South America and Europe as well as continued improvements in transaction prices and margins
- Ended the year with $25.5 billion of Automotive gross cash and $34.3 billion in Automotive debt
- Achieved positive Automotive operating-related cash flow of $3.1 billion for the fourth quarter. Full year Automotive operating-related cash outflow was $300 million, a $19.2 billion improvement over 2008
- Ford Credit fourth quarter pre-tax operating profits of $696 million, a $1.1 billion improvement from a year ago
- For full year 2010, Ford plans to be profitable on a pre-tax basis excluding special items, for North America, total Automotive and total company, with positive Automotive operating-related cash flow, based on its assumptions
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Financial Results Summary* |
Fourth Quarter |
Full Year |
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2008 |
2009 |
O/(U) 2008 |
2008 |
2009 |
O/(U) 2008 |
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|
Wholesales (000) + |
1,139 |
1,440 |
301 |
5,407 |
4,817 |
(590) |
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|
Revenue (Bils.) + |
$ 29.0 |
$ 35.4 |
$ 6.4 |
$ 138.1 |
$ 118.3 |
$ (19.8) |
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Operating Results + |
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Automotive sector (Mils.) |
$(3,339) |
$1,070 |
$4,409 |
$(6,355) |
$(1,423) |
$4,932 |
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|
Financial Services sector (Mils.) |
(384) |
683 |
1,067 |
(495) |
1,877 |
2,372 |
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Pre-Tax Results (Mils.) |
$ (3,723) |
$1,753 |
$ 5,476 |
$(6,850) |
$ 454 |
$ 7,304 |
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After-Tax Results (Mils.) +++ |
$ (3,333) |
$ 1,565 |
$ 4,898 |
$(7,271) |
$ 8 |
$ 7,279 |
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Earnings Per Share +++ |
$ (1.40) |
$ 0.43 |
$ 1.83 |
$ (3.20) |
$ 0.00 |
$ 3.20 |
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Special Items Pre-Tax (Mils.) |
$ (1,429) |
$ (711) |
$ 718 |
$(7,648) |
$ 2,554 |
$10,202 |
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Net Income/(Loss) Attributable to Ford |
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After-Tax Results (Mils.) |
$ (5,978) |
$ 868 |
$ 6,846 |
$(14,766) |
$ 2,699 |
$17,465 |
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Earnings Per Share |
$ (2.51) |
$ 0.25 |
$ 2.76 |
$ (6.50) |
$ 0.86 |
$ 7.36 |
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Automotive Gross Cash (Bils.) + |
$ 13.4 |
$ 25.5 |
$ 12.1 |
$ 13.4 |
$ 25.5 |
$ 12.1 |
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*See end notes on page 10.
